Tag: Supertech Realtors

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SC Bars Supertech Realtors from Third-Party Rights in Supernova

NEW DELHI: The Supreme Court has barred Supertech Realtors and its suspended director from establishing any third-party rights in the ‘Supernova’ project in Noida. Supertech Realtors, a subsidiary of Supertech Ltd, is mired in insolvency proceedings and is working on a mixed-use real estate development named ‘Supernova’. This project includes residential units, commercial space, office areas, studio and service apartments, and shopping centers situated in Sector 94 of Noida. The project is intended to be a towering structure with 80 floors, designed to be the tallest building in the Delhi-NCR region at 300 meters high. A bench comprising Justices Surya…

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Amicus Urges SC for Court-Monitored Resolution in Supertech Supernova

NEW DELHI: On Friday, the Supreme Court was recommended to consider a court-monitored hybrid resolution framework, similar to that used in the Amrapali and Unitech cases, led by former judge Navin Sinha to complete the Supertech Realtors’ ambitious ‘Supernova project’ in Noida. Supertech Realtors is a fully owned subsidiary of Supertech Ltd, which is currently undergoing insolvency proceedings. The ‘Supernova’ project encompasses a mixed-use development featuring residential, commercial spaces, studio apartments, service apartments, and shopping malls in Sector 94 of Noida. The structure is expected to rise to 80 floors, making it the tallest in the Delhi-NCR at a height…

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SC considers panel to oversee Supertech Realtors projects

NEW DELHI: On Thursday, the Supreme Court contemplated the formation of a committee to manage the bidding process and selection of a co-developer for the stalled construction of residential apartments, office spaces, retail areas, and a luxury hotel by Supertech Realtors. Supertech Realtors, part of the troubled real estate giant Supertech, is undergoing insolvency proceedings alongside several associated companies. The Supernova project, which Supertech Realtors is working on, has a budget of Rs 2,326.14 crore and covers a 70,002-square-metre plot located in Sector 94, Noida. The project is set to feature an 80-floor building, making it the tallest structure in…

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SC appoints ex-IB chief to probe Supertech insolvency case

Sure! Here’s a rewritten version of the content: The Supreme Court on Friday requested the insights of former Intelligence Bureau director and former National Human Rights Commission member Rajiv Jain regarding the insolvency proceedings of Supertech Realtors. This request follows a recent CBI report that accuses suspended director Ram Kishore Arora of misappropriating homebuyers’ funds in 21 projects. A Bench led by Justice Suryakant decided against staying the NCLAT’s August 13 ruling upholding the insolvency proceedings against Supertech Realtors. The Bench noted that every project associated with Arora is under investigation due to allegations of siphoning off significant amounts of…

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NCLAT Approves Insolvency Proceedings for Supertech Realtors

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has authorized the start of insolvency proceedings against Supertech Realtors, the developer behind the Supernova project, which consists of residential apartments, offices, retail spaces, and a luxury hotel. The Insolvency and Bankruptcy Appellate Tribunal upheld a previous order from the Delhi bench of the National Company Law Tribunal (NCLT) that, on June 12, 2024, initiated the Corporate Insolvency Resolution Process (CIRP) in response to a petition from the Bank of Maharashtra, citing defaults. A two-member NCLAT panel noted that the revised settlement proposal from Ram Kishore Arora, the promoter, had not…